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UK T-BILL AUCTION PREVIEW: The UK DMO holds it's weekly bill tender on Friday,
looking to allot Stg4.0bln.
Stg0.5bln in 1-month Mar 11 bills, Stg1.5bln in 3-month May 13 bills, and
Aug 12 bills.
- HISTORY: For comparative purposes, the results of last weeks tender are below.
1-month bill: average yield 0.68%, cover 4.50x.
3-month bill: average yield 0.75%, cover 2.56x.
6-month bill: average yield 0.79%, cover 2.06x.
- BACKGROUND: The MPC voted unanimously to keep Bank Rate at 0.75% on Thursday,
also voting 9-0 to keep the stock of total asset purchases at stg445bn. The
output gap is currently judged as closed, however the weaker-near term outlook
is expected to result in a small margin of slack opening up in 2019.
The short sterling strip was 0.5-1 tick higher across Thursday.
- TIMING: Results are due shortly after the auction closes at 1100GMT.